Texas Finance Code

§ 154.261 — WITHDRAWAL OF EARNINGS TO PAY CERTAIN EXPENSES

FI § 154.261Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 154. PREPAID FUNERAL SERVICES · Art. F. TRUST-FUNDED PREPAID FUNERAL BENEFITS

Statute text

View on source

(a)The seller of a trust-funded prepaid funeral benefits contract may withdraw money from earnings on an account described by Section 154.253 to pay:

(1)reasonable and necessary trustee's fees or depository fees;

(2)the examination fee for one examination by the department each calendar year; or

(3)the expense of preparation of financial statements required by the department, including those financial statements required by the department instead of an examination.

(b)With the department's prior approval, the seller may withdraw money from earnings on an account to pay:

(1)any tax incurred because of the existence of the account; or

…

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.